The house next door to mine is being sold by the bank. I suspect that the guy who bought it overpaid for the 2bd/1.5 bath no basement and probably overestimated how much he could rent it out for. Rents in the eastern Shaw area (based on a quick Craigslist search) range from $1500- $1700 for similar units. Dude paid about $400K for the place. I’ve been in it, it isn’t worth $400K. Heck, even my beautifully renovated 1/2 painted house isn’t worth $400K.
Now it is on the market for something in the mid 300K range ‘as-is’. Competing with it on the same block is a nicer end unit in the low $400K. I don’t know how the two will play off each other, but have seen at least one set of buyers look at one and then the other.
I realize that this is not the only piece of real estate where some ‘investor’ paid too much and failed to notice that the mortgage, taxes and insurance were more than what the market would bear as a rental. But I’m not all that sympathetic to a group that jacked up the housing prices because they couldn’t gage the market. Also I think this is the same group that ‘renovated’ houses for flipping without a decent eye for beauty only to have their properties sit because they u-g-l-y. But that’s another post, for another day.
Day: July 9, 2007
BACA & Paint
There is a BACA meeting tonight but I will not be in attendance as I have some pressing paint duties. I’ve been painting my house for what seems like a month. I have formed these big nasty callouses all on my hands and I want them gone.
I have told myself I need to finish all my paint jobs by the end of this week, or else I’ll go nuts. First thing that needs to be done tonight (thus not going to the BACA meeting) is the bathroom ceiling needs a coat of paint. There are only so many times you can shower without damaging the ceiling. I hope it is not too late as there are some funny looking marks up there already.
After the bathroom everything else is whenever but I got to end this painting. The baseboards on the 1st floor need a coat, because the paint I put on was damaged by the floor guy’s sander. Also on the first floor I need to paint over the ceiling paint that hit the wall and the doorway between the kitchen and dining area. Upstairs I have to decide if I’m painting the bedroom ceilings or just leaving it primer white. Sections of the brick wall need caulking and painting. The top part of the 2nd floor baseboards need a lick of paint. The top of the wall near the ceilings in both bedrooms and the hallway need paint.
Then once I’m done painting, there is the cleaning.